Cleopatra Group to Close Down Its Companies

Cleopatra Group’s board unanimously approved liquidating the companies, and calling on the Extraordinary General Assembly to display the board’s decisions.

In a statement distributed today, the company called for taking the legal measures against the syndicate’s members who caused the company’s losses and bearing them the responsibility of the damages and losses which result in inventory. It also called for empowering the Egyptian Law Firm to take all the legal measures. A committee of companies and factories directors is being forming to determine the actual losses, count the materials and products, write a report of the factory and equipment’s state, and to make a comprehensive inventory.

The board’s meeting included Fancy Ceramics Co., Galleria Cleopatra, Cleopatra Ceramics Group and Ceramica Eldorado. The meeting recommended the companies not committing to pay any sums of money decided in the agreements and were signed by the board’s chairman during the previous period under pressure, and to wait for the court’s verdicts. It also called for ordering the security and industrial security men to protect the factories, and preventing the fired workers from entering the factory.

Cleopatra Group chairman, Mohamed Abou El Enein, on his side, said the purpose of the decision is to clearing the Group from the workers who caused in mounting the crisis.